Female hygiene brand Soothe Healthcare said that it has secured Rs 175 crore ($21 million) in a bridge round from the US government’s Development Finance Corporation (DFC) and existing investors.
A91 Partners, Symphony International Holdings, Sixth Sense Ventures, and Gulf Islamic Investments (GII) invested Rs 120 crore in equity, while US DFC invested Rs 55 crore in debt. Intellecap served as the sole transaction advisor to US DFC and Soothe Healthcare.
Soothe Healthcare plans to deploy the funds to expand its distribution channels and deepen its reach to women across tier II and III markets in the country. The fund will also be used to increase the marketing outreach and spread a wider social message on women’s menstrual hygiene.
Founded in 2016, Soothe Healthcare sells Paree sanitary pads, Super Cute’s baby diapers and Super Life adult diapers through its 250,000 outlets spread across the country and online retailers.
Most of the sales generate from retail stores from tier II cities and beyond, said Sahil Dharia, chief executive and founder in an interview. He said the company plans to stay focused on selling its products through retail stores.
Dharia said, In FY22, the company made twofold revenue to Rs 200 crore. The company is likely to close this financial year with a more than 30 per cent growth in revenue to about Rs 265 crore.
Dharia added, the company plans to use the fresh funds to strengthen its marketing efforts in a bid to deepen its presence in its existing markets current year.
Moreover, in August last year, the company pockets Rs 230 crore in its Series C round from Incred, GII and Northern Arc along with A91 Partners.
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